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News Bites | Avenue 32 Puts Itself Up For Sale

In today's News Bites, Avenue 32 announces plans to put itself up for sale after a "strategic review" of the business.
Avenue 32 Spring/Summer 2017 campaign | Source: Courtesy
By
  • BoF Team

Welcome to News Bites, BoF's regular compilation of the stories that have got the industry talking.

Avenue 32 facing challenges, puts itself up for sale.

The online luxury retailer founded eight years ago by Roberta Benteler is offering itself for sale after a “strategic review of the business earlier this year,” according to a statement from the company. According to market sources, the company was underperforming.

“Upon the conclusion of the sales process, I look forward to perusing individual projects and continuing to work with the innovators of this ever-inspiring category,” said Bentler. Known for championing emerging designers, Avenue 32 now operates mostly on a wholesale model and brought on Liberty head of fashion buying and merchandising Stephen Ayres as fashion director in 2015.

The news comes amidst a luxury e-commerce market that is growing fast, but becoming increasingly crowded and competitive, as new entrants like LVMH's 24 Sèvres prepare for battle with major platform players like Farfetch, traditional e-tailers like Yoox Net-a-Porter and Matches Fashion, and luxury incumbents like Neiman Marcus. The portion of personal luxury goods purchases that happen online — now about 7 percent of total — is expected to hit 20 percent by 2025, according to Bain & Company. — Chantal Fernandez

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